General Electric is again giving eco-entrepreneurs a chance to take their ideas to the next level. GE’s ‘Eco-magination’ contest is encouraging socially responsible businesses to submit their ideas on how to accelerate green technology with the chance at receiving funding for their projects.

The first installment of the $200 million challenge — the “Powering the Grid” competition — wrapped up last November, with 12 ideas each receiving $100,000 in funding. GE was so impressed with one company’s idea that they recently announced plans to acquire the provider of real-time power line monitoring technology.

The second phase of the challenge — Powering Your Home — is under way now, and has received 800 proposals submitted so far, including ideas for solar powered roads, and plug-in wind power.